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09 July 2020

US Real Estate Crisis: Home Sales Plunge to 9-Year Low, Mortgage Delinquencies to Soar Past Great Recession Level | Bitcoin News

US Real Estate Crisis: Home Sales Plunge to 9-Year Low, Mortgage Delinquencies to Soar Past Great Recession Level | Bitcoin News


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US Real Estate Crisis: Home Sales Plunge to 9-Year Low, Mortgage Delinquencies to Soar Past Great Recession Level.

The US real estate market is facing a crisis as unemployment soars amid the coronavirus pandemic.

Home sales have plunged to a nine-year low and a record-high number of homeowners are defaulting on their mortgage payments.

The impact of the real estate crisis is also seen in rental and commercial real estate markets.

The economic crisis, coronavirus pandemic, lockdowns, and record-high unemployment have severely affected the real estate market.

Noting that this is “the lowest April inventory figure ever,” the news outlet conveyed, “Not only did potential sellers decide not to list their homes, as job losses mounted and the economy shut down, but some sellers already on the market pulled their listings.”.

A recent report by U.K.-based economic forecasting firm Oxford Economics estimates that 15% of homeowners will fall behind on their monthly mortgage payments due to the coronavirus crisis — a level exceeding that seen during the Great Recession when the peak delinquency rate was 10%.

The economic crisis has also hit the rental and commercial real estate sectors.

A growing number of office and apartment building owners are falling behind on their mortgages while commercial real estate tenants fall behind on rent at unprecedented rates in some areas, particularly those with lockdowns lasting months.

Some of the largest commercial landlords in New York City, for example, have reported steep declines in rent payments from its tenants over the past month.

The Community House Improvement Program, representing around 4,000 landlords of rent-stabilized apartment buildings, said this week that two-thirds of its members’ commercial tenants did not pay rent in April and May.

revealed last week that commercial real estate transactions in the U.S

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Litecoin (LTC) Price Analysis: Facing Key Hurdles Near $45
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